PROPERTY, PLANT AND EQUIPMENT AND MINERAL PROPERTIES

The following is a summary of plant and equipment:



	December 31, 2019							December 31, 2018
	Cost		Accumulated Depreciation			Net Book Value		Cost		Accumulated Depreciation			Net Book Value
Property, plant and equipment
Nichols Ranch	$	29,210	$	(14,115	)	$	15,095	$	29,210	$	(12,021	)	$	17,189
Alta Mesa	13,626		(3,179		)	10,447		13,656		(2,319		)	11,337
Equipment and other	12,900		(12,239		)	661		13,444		(12,127		)	1,317
Property, plant and equipment total	$	55,736	$	(29,533	)	$	26,203	$	56,310	$	(26,467	)	$	29,843

The net book value for the Nichols Ranch Project includes the value beyond proven and probable reserves ascribed to the processing plant, the Nichols Ranch wellfields and the Jane Dough project upon acquisition.

For the year ended December 31, 2019, the Company recorded $2.09 million (December 31, 2018 - $2.05 million) of depreciation expense related to Nichols Ranch, which is included in the costs and expenses applicable to revenue in the statement of operations and comprehensive loss.

Acquisition of Royalties

On August 14, 2018, the Company issued 1.10 million shares for consideration of $3.74 million to acquire a 6% – 8% sliding-scale gross proceeds production royalty on its Nichols Ranch, Hank and Doughstick properties (Doughstick is a part of the Company’s Jane Dough Project expansion area) and extinguished the royalty. This royalty also applied to the nearby Niles Ranch, Willow Creek, and Verna Ann properties, which are important future uranium properties also owned by the Company. Acquisition of this royalty is expected to significantly decrease the Company’s cost of production at Nichols Ranch. As the Company does not have any reserves as defined by SEC Industry Guide 7, the Company has expensed this as development, permitting and land holding costs in the statement of operations and comprehensive loss.

The following is a summary of mineral properties:



	December 31, 2019		December 31, 2018
Mineral properties
Uranerz ISR properties (a)	$	25,974	$	25,974
Sheep Mountain	34,183		34,183
Roca Honda	22,095		22,095
Other (a)	1,287		1,287
Mineral properties total	$	83,539	$	83,539


a)	In the years ended December 31, 2019 and December 31, 2018, the Company renewed all mineral leases and therefore did not record abandonment expense in the statement of operations. In the year ended December 31, 2017, the Company did not renew certain mineral leases and recorded abandonment expense of $0.29 million.